all the majority ownership and corporate officers of these 3 corporations are the same people! they tried to steal TIE! TIE managment was compared to bank robbers on their last conferance call,the funniest call i ever heard.
Related Quotes
NL
TIE
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VHI 13.14
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13.42 +0.06
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Quote Data provided by Reuters
Wednesday September 19, 2:56 pm Eastern Time
Press Release
SOURCE: Titanium Metals Corporation
Valhi Proposes to Exchange NL Industries Common Stock For TIMET Equity and Debt Securities
DENVER, Sept. 19 /PRNewswire/ -- Titanium Metals Corporation (``TIMET'') (NYSE: TIE - news) announced today that it has received a proposal from Valhi, Inc. (NYSE: VHI - news) to exchange the 40,350,931 shares of common stock of NL Industries, Inc. (NYSE: NL - news) held by Valhi and Tremont Corporation (NYSE: TRE - news) for a combination of newly issued shares of TIMET common stock and TIMET debt securities. Valhi has proposed an exchange ratio of 1.65 to 2.00 common shares of TIMET plus debt securities with a principal amount of $10.00 to $12.00 for each share of NL held by Valhi and Tremont. Valhi and Tremont currently own approximately 60.9% and 20.6%, respectively, of NL's 49.5 million outstanding common shares. Tremont owns approximately 38.5% of TIMET's 31.9 million outstanding common shares.
TIMET said it expects to discuss the proposal submitted by Valhi at the regularly scheduled meeting of its Board of Directors on September 29, 2001. TIMET said it will likely form a special committee comprised of independent members of its Board of Directors to consider the terms and conditions under which such transaction might be completed.
J. Landis Martin, Chairman and Chief Executive Officer of TIMET, said, ``We plan to consider this transaction at our next Board meeting. From my point of view, this transaction could provide substantial benefits by giving TIMET a line of business that historically has achieved consistent operating profits and cash flow, and by giving us a stronger capital base upon which to build future growth. We do not envision any significant change in the management of either TIMET or NL should the transaction be completed.''
TIMET will host a conference call to discuss this matter on September 20, 2001 at 10:30 a.m. (EDT). On the call will be J. Landis Martin and Mark A. Wallace, Chief Financial Officer. Participants can access the call by dialing (888) 408-5406 (domestic) and (303) 262-3305 (international). A taped replay of the call will be available until 11:59 p.m. (EDT) on September 27, 2001 by calling (800) 475-6701 (domestic) and (320) 365-3844 (international). The access code for the replay is 604144. |
